YOU DECIDE

 Here"s a couple of comments about that outcast of the past year or so, oil. This one from
cnbc.com/2015/12/02/investors-look-forward-to-a-better-year-for-oil.

Low prices have curbed capital spending around the world, in particular in U.S. shale wells. As a result, we expect oil production outside of OPEC to contract by at least 0.3 million barrels per day (mbpd) in 2016," Schnider said. 

Strategists at both Societe Generale and BNP Paribas were also bullish, with both expecting a more balanced market by mid-2016, as OPEC members are under pressure to change their current production policy, which is bleeding public finances. 

"Beyond buying oil itself ($60 price target for end-2016), we propose four ways to gear to this positive oil outlook: inflation-protected bonds, commodity currencies, equity sectors such as integrated oils, and equity markets with high oil content," said head of strategy team at Societe Generale, Alain Bokobza. 

Here's another from Barron's. barrons.com/articles/oil-picks-for-100-a-barrel-by-2018

November 30, 2015

Guggenheim Securities

We have become bullish on the oil-services sector for the first time in nearly two years, for three reasons.

1) We believe that the global oil market will begin to tighten in second-quarter 2016 and that oil prices will rise further and faster than the “lower for longer” consensus expects, reaching $100 per barrel by 2018.

2) Energy’s low S&P 500 weighting and high short-interest suggest that supply and demand for oil-services equities is out of balance and that the stocks have a lot of upside from sentiment simply getting less negative.

3) As earnings bottom in first-half 2016, we expect investors will begin to look through the trough and focus more on the full-cycle upside evidenced by low price to tangible book value (TBV) and midcycle earnings multiples.

As always, you decide.